Weekly Special | March 18, 2024

Home Sales Increase 8% Year-Over-Year

For the second time in the past four months, the number of home sales in Tallahassee has increased when compared to the same months in 2023.

The graph above is a great tool to evaluate non-seasonal fluctuations in the housing market. Each vertical bar reflects the percentage change in the number of homes sold each month when compared to the same month the year prior. Green bars register growth while red bars report declines.

With roughly two years of straight declines concluding a few months ago, those of us in the real estate, mortgage, title, and supporting industries can hope to see steady improvement in the months and years to come.

Even as the market improves, the threat of a real housing crisis continues to grow. Most of the people we have elected in Washington D.C. and Tallahassee are not prepared for what’s about to hit them from the housing sector, and none appear to have any real plan to assist in what I believe will be the biggest threat to the health of our economy.

It’s Not Mortgage Interest Rates When you do hear from politicians about housing, it seems they always focus on stimulating demand. Of course, their one -trick pony solution is to attempt to make payments slightly cheaper buy lowering interest rates or coming up with a new loan program. Neither will work this time.

We need a supply-side solution as the US is about 9 million homes short of housing our growing population. We need more homes! Tell your favorite candidates that you want ideas and plans for building more shelter (or you’ll take your vote elsewhere!).

The original one-page Weekly Special PDF is still available.